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Washington Mutual Completes Bank United Tender Offer

SEATTLE--(BUSINESS WIRE)--Feb. 7, 2001--Washington Mutual, Inc. (NYSE:WM) today announced the company has completed its cash tender offer for the 3.42 million outstanding shares of Bank United's 10.12% Non-cumulative Preferred Stock, Series A and 4.00 million shares of

  • 9.60% Non-cumulative Preferred Stock, Series B (NYSE:BKU PrA and PrB), or "the preferred stock."

The tender offer expired at 12:00 midnight, Eastern Standard Time, on Tuesday, Feb. 6, 2001. Based on preliminary information, over 90 percent of the preferred stock was validly tendered prior to the expiration of the offer and not withdrawn. All such shares have been accepted for purchase in accordance with the terms of the offer.

On August 18, 2000, Bank United Corp. and Washington Mutual, Inc. entered into a definitive agreement to merge the two companies. The merger transaction has been approved by regulatory authorities and Bank United shareholders will meet on Thursday, Feb. 8, 2001 to vote on the proposed transaction.

Questions regarding the tender offer should be directed to Emily Shanks at Lehman Brothers, the Sole Dealer-Manager for the tender offer, at 800/438-3242 or 212/528-7581.

With a history dating back to 1889, Washington Mutual, Inc. (NYSE:WM) is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At December 31, 2000, Washington Mutual and its subsidiaries had assets of $194.72 billion. Washington Mutual currently operates more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's news releases are available at www.wamu.com.

Editor's Note: Washington Mutual's news releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual news releases or to retrieve a specific release, call 800/329-6236. On the Internet, news releases may be accessed at http://www.businesswire.com/cnn/wm.shtml.

--30--cla/se*

CONTACT: Washington Mutual
Libby Hutchinson, 206/461-2484 (Media)
libby.hutchinson@wamu.net
or
JoAnn DeGrande, 206/461-3186 (Investors)
joann.degrande@wamu.net